Tron Enters the Meme Coin Sphere: TRX Performance in Light of New Development

TRX market performance remains low despite the launch of SunPump, a meme coin launchpad. Like the rest of the crypto market TRX had a vibrant performance last week.

However, that rally seems to have  subsided despite the meme coin introduction on the blockchain. Basically, during the last two weeks TRX gained by close to 25% making it one of the best performers during that period. 

Justin Sun, the TRON Founder, has created new interest into the blockchain through the launch of the meme coin launch pad, SunPump. One of the earliest meme coins on the network, Sundog, has performed well, achieving a market capitalization of about $200 million within that short period. There are also some positive changes in its network performance. For example, the SunPump platform currently boasts of about 200,000 daily active users. This has uplifted the performance of the TRON network in general. SunPump has become the latest and probably the greatest rival of Pump.fun. 

After launching the meme coin launch pad, Sun is garnering support for his latest initiative. For example, between 20 and 22 August Sun had been conducting talks with different celebrities and crypto influencers.  During that period he had the chance to talk with some leading crypto celebrities that include Sunwukong, FOFAR, SunDog, SunCat, and SunRats. The discussions were centered on the recently launched SunPump, its future and the meme coin sector in general. 

The introduction of SunPump has led to the creation of more than 7,000 meme coins which has resulted in the growth of the TRON network. The fact that there was a huge rise in the number of the tokens on the blockchain shows that many investors and developers have interest in the network. The confidence in the new development has also shown through the 22% rise in the value of TRX on 12 August. In fact, Sun launched the SunPump platform on that day. 

The circulation of meme coins within the network has resulted in new interest, an increase in traffic as well as more TRX burning. The rise in the demand for the coin and a constant decrease in its supply has contributed to its recent price pump. There is hope that Tron and TRX will become more significant in the cryptocurrency sector than ever before. 

Of course, TRX still faces a minor drawback. This is because some investors still view it as a short term speculative digital asset. It is still perceived differently from other crypto assets such as ETH and bitcoin which many investors believe have the capacity to store value for a long time. Thus, they invest in them with the hope of gaining in the long run. The coming of meme coins on the Tron network may create a new narrative. The investors may now start buying and hodling the asset with the aim of benefitting from its long term appreciation rather than short term price movements. From the way things are going, Sun is working hard to find new partners and collaborators to take the blockchain to the next level. 

According to Sun, there is a high possibility that meme coins will thrive well on the TRON blockchain due to its decentralized nature and the strong support of the community. However, with the increase of meme coins on the network the threat of crypto crime will also increase. 

TRX Price Speculation in View of Meme Coin Launch on the Network

As hinted earlier on, after the launch of SunPump and more than 7,000 meme coins the value of TRX rose by around 22%. Nevertheless, within the last 24 hours the value of TRX has fallen by 1.5% and it is currently trading at $0.1592 TRX/USDT at Gate.io. In the past 30 days TRX gained by 13.9%. The following graph shows TRX price performance for the past one month. 

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